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Types of Economics (Command Economy (In a pure command economy, the…
Types of Economics
Command Economy
In a pure command economy, the government even decides who receives what resources and products.
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Traditional Economy
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farming communities where individuals use the resources available and produce most of the goods and services. families decide who who gets products
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Mixed Economy
The private sector is still moderately regulated by the government in order to protect consumers and make sure products are safe for use.
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economic decisions are shared. The government makes decisions for the public sector. Government owns public resources and businesses/ individuals own private resources
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Free Market Economy
In a free market economy, resources are owned by private individuals not by the government. The forces of supply and demand decide who will produce what and for whom.
Examples, capitalist, DO NOT EXIST!
Free competition forces manufacturers to make better products so that they can outsell their rivals. competition, supply, and demand
Free market economies are based primarily off competition where everything is owned by private individuals. Businesses and individuals decide everything
